The Institute of Internal Auditors Presents: All Things Internal Audit

In this episode, Pam Strobel Powers and Mark Maraccini discuss The IIA's recently updated Global Practice Guide Auditing Procurement in the Public Sector. They walk through the three pillars that make public sector procurement unique, explain how to distinguish a vendor from a subrecipient, and share why fraud risk in procurement deserves its own lane in your audit approach.


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  • GUEST:
    • Mark Maraccini, CIA, CPA
      Partner, Crowe LLP
      Member, International Internal Audit Standards Board
       

 

KEY POINTS:

  • Introduction [00:00:02 - 00:00:30]

  • What Makes Public Sector Procurement Unique [00:01:07 - 00:04:16]

    • Transparency in Procurement [00:01:37 - 00:02:42]

    • Fairness and Equity in Procurement [00:02:42 - 00:03:31]

    • Legal and Regulatory Compliance [00:03:31 - 00:04:16]

  • Vendor vs. Subrecipient: Key Differences [00:05:24 - 00:08:44]

  • Applying the Procurement Lifecycle [00:09:34 - 00:10:54]

  • Using Risk and Control Matrices [00:11:23 - 00:12:54]

    • Manual vs. Technology-Driven Risk Assessment [00:11:48 - 00:12:33]

  • Fraud Risk in Procurement [00:13:24 - 00:15:31]

  • Equity and Supplier Diversity Programs [00:17:49 - 00:20:11]

  • Auditing Program Effectiveness vs. Compliance [00:20:47 - 00:21:28]

  • Final Thoughts [00:21:28 - 00:21:50]


IIA RELATED CONTENT: 
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